Southeast Funding Group offers a variety of mortgage loans, including Conventional Loans, FHA Loans, VA Loans, USDA Loans, Jumbo Loans, and Renovation Loans. Each type of loan has specific benefits and eligibility criteria.

A fixed-rate mortgage has an interest rate that remains the same throughout the loan term, ensuring consistent monthly payments. An adjustable-rate mortgage (ARM) has an interest rate that may change periodically based on market conditions, potentially resulting in varying monthly payments.

The minimum credit score required varies depending on the type of mortgage. For example, FHA loans typically require a minimum credit score of 580, while conventional loans usually require a higher score. Contact Southeast Funding Group for specific requirements.

The down payment requirement varies by loan type. Conventional loans typically require a down payment of at least 3%, FHA loans require as little as 3.5%, and VA and USDA loans may offer no down payment options for eligible borrowers.

Closing costs are fees associated with obtaining a mortgage, including appraisal fees, title insurance, and attorney fees. These costs typically range from 2% to 5% of the loan amount. Some loans allow sellers or lenders to cover a portion of the closing costs.

Yes, getting pre-approved for a mortgage is a smart step that involves a lender reviewing your financial information to determine how much you can borrow. Pre-approval gives you a clear budget and strengthens your offer when buying a home.

Private mortgage insurance (PMI) is required for conventional loans with a down payment of less than 20%. PMI protects the lender in case of default. FHA loans require mortgage insurance premiums (MIP) regardless of the down payment amount.

The mortgage approval process typically takes 30 to 45 days, but it can vary based on individual circumstances and the loan type. Providing complete and accurate documentation promptly can help speed up the process.

Yes, you can refinance your mortgage to lower your interest rate, reduce your monthly payments, shorten your loan term, or access home equity. Refinancing can provide significant financial benefits and savings.

For personalized guidance and answers to any other mortgage-related questions, contact Lazaro Sosa at Southeast Funding Group directly at 305.281.2245 for a free consultation. Let’s discuss how we can help you achieve your homeownership and financial goals with tailored mortgage solutions.